Asia Pacific Vaccine Access Facility(APVAX)

News: Asian Development Bank(ADB) has launched a $9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility (APVAX).

Facts:

• Aim: To offer rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines.
• Criteria: If a country has to obtain finances under APVAX, then it should fulfil one of the three criteria:
  • It must be procured through COVAX.
  • It should be prequalified by World Health Organization
  • It should be authorised by a stringent regulatory authority.

Additional Facts:

• COVAX: It is an alliance co-led by Gavi, the Coalition for Epidemic Preparedness Innovations(CEPI) and WHO.It aims to accelerate the development and manufacture of COVID-19 vaccines and to guarantee fair and equitable access for every country in the world.
• Asian Development Bank(ADB): It is a regional development bank established in 1966 to promote social and economic development in Asia.
  • Members: 68 members, of which 48 are from within Asia and the Pacific and 19 outside.
  • Headquarters: Manila, Philippines.